GameStop announced on Thursday that it had reached an agreement with a group of banks for a new $500 million worldwide asset-based credit facility to help it strengthen its liquidity, as the gaming retailer continues to invest heavily in its e-commerce strategy.

According to the business, the five-year credit agreement replaces GameStop's old $420 million credit agreement, which was due in November 2022, and will lower borrowing costs and provide greater flexibility.GameStop's CFO has resigned because of course he did - The Verge

Wells Fargo Bank was the primary arranger and will be the administrative agent for the facility.

GameStop, which raised $551 million in late April, raised more than $1 billion in a June stock offering, capitalizing on a social-media-fueled spike in its stock price in early 2021.

Chairman Ryan Cohen has hired executives from firms such as Amazon in a bid to shift the company's focus away from brick-and-mortar and toward e-commerce.